Member Info for extrader

The relevant bit from the EITI (p 80) being...

.." In July 2021, a third iron ore mining licence (the Mayoko Moussoundji licence) in the Niari department, held by Congo Mining (a subsidiary of the British group Midus Holding Limited), was withdrawn by the government. In August 2023, this licence was reallocated to the Turkish company ULSAN Mining Congo SAU. In 2021, the three companies affected by the licence withdrawals (Congo Iron, Congo Mining and Core Mining) and their investors (Sundance Resources, Midus Holding Limited and Core) initiated arbitration proceedings against the Congolese government before the Paris Chamber of Commerce and Industry (CCI)...."

FYI

Suggest that you read 'Games people play' by Eric Berne and have a look in the mirror.

You fit one of the pathologies to a 't'.

ATB

Cont..

His daughter heads up a powerco that may have links to our hydropower MoU co.

Obambi himself is head of the local businessmen's group, recently in the news as agitating for proper use of the port container scanners (installed but not activated) which have been allowing parallel , unpaid duty imports by smugglers, affecting bona fide agents/businesses and depriving the State if revenue...

FWIW/ AFAII etc

GLA & ATB

Sapro ore at Mayoko Lekoumou (ex Exxaro) is lower quality than at Mayoko Moussendji (ex Equatorial), the latter appears to be in the hands of Turkish Ulsan , per the EITI link on MM's board.

Sapro's exports on the derelict Congo Atlantic rail have been minimal, AFAIAA, 2 x shipments reported a while back, both delayed by derailments (! ;-

Oops!

Links to (2) at end of article.

I blame the post-run beers, me'sen.

(1) C'mon, Eddsy, why criticize a legitimate cross-post , prompted by MM's Li Yin reference - better than parroting ZIOC Pollyanna-ishly and uncritically.

Anything that boosts throughput of the port - and helps everyone gain 'critical mass' commercially - is surely in our common interest , no?

(2)This article - 'Potash deposits in Africa' - covers the basics re Mengo, identified in MM's recent post.

(3) This link takes us to the Extractive Industries Transparency Initiative re C-B - reasonably fresh - which shows us what semi-informed outsiders think of how things stand.

https://eiti.org/sites/default/files/2024-02/Rapport%20ITIE%20Congo%202021.pdf

Some mildly interesting observations, which I'll post tomorrow.

GLA and ATB

https://www.episodes.org/journal/view.html?doi=10.18814/epiiugs/2016/v39i2/95787

.."As you already know, they wouldn't respond to a private investor question as they are under no obligation to respond to such questions..."

Grow up, man!

You started by wondering .."How can the RNS have a mistake that large in it without a correction.."

If you agree that they've made a mistake 'that large', they'll likely want to correct it - if only to protect themselves.

Get off you a*se and pester THEM - not this board.

Then, by all means come back and complain here. OTOH, you might actually get a reply, which would have been (more) productive use of your time

Sheesh!

Rather than repeat a complaint here - to which seemingly no-one , certainly not me - has a definitive answer, why not take it up with HELD or its advisors ?

https://www.hellenicdynamics.com/investor/#s5

Pls let the board know what - if anything - you're told.

Li Yin's recent road trip included Mengo in Koilou dept., site of another Chinese- run potash project that is AFAICS also 'in the works', and is even closer to PN than KP2.

The Evergreen - backed project IIRC.

PS

If - per 5 - HELD only took GBP 350 K (we were told $450K, never mind) and has been repaying 'since October' why only announce a mix of P + I (no breakdown) PARTIAL repayment, 5 months later ?

As I showed in an earlier post, it's arithmetically impossible for HELD to have been repaying instalments in full since October and still only have paid off principal (AND interest) of GBP 90K...which suggests that - at the very least - they're in some kind of 'soft default'./forbearance.

AFAICS

Informed comment (esp disproving/correcting) always welcome!

If - per 4 - the bank (still Piraeus?) is a big supporter (a) why is there no update re status of the loan application and (b) why is there talk of alternative funding?

Point 6 acknowledges that HELD is indeed 'running on fumes'. If RGO is liquidating its portfolio as quickly as it can (per Halland75/Investing Genius), they're hardly likely to disincentivize early payment by imposing a penalty fee, are they? What's the betting HELD will nevertheless use that as a reason for drawing out repayments ?

'There are more questions than answers...and the more we find out, the less we know', it would seem.

Same old, same old...AFAICS

.."At Walletinvestor.com we predict future values with technical analysis for wide selection of stocks .."

Just look at the English : artificial intelligence vs. natural stupidity aka GIGO.

GLA

Hi MM,

This joint arrangement - Saudi Inc/ BaoWu - is certainly one of the likeliest outcomes.

Manara has already made its position on offtake clear.

BaoWu, meanwhile, heads up the ore purchasing consortium of Chinese steel mills that is trying to 'break' the historic Australian 'single desk' point-of-sale pricing structure, so is likely also to have strong views on offtake arrangements.

If Saudi/BaoWu are working together, GLEN won't be able to play 'divide and rule' and may have to blink and make concessions on its marketing/royalties offtake 'lock'.

We don't AFAIAA know whether the C-B 10% free carry also includes an entitlement to a corresponding share of offtake, your suggestion that BaoWu/China might have a say in this side of things may be a negotiating point : after all, GLEN/its bankers are also owed unpaid oiltrade finance debt....whether other parties (eg IMF/Paris Club creditors) would agree to hypothecation/credit preference of this type is a further complication.

Wheels within wheels....

GLA and ATB

Ashmore's (brief) latest :

.."Argentina: The monthly economic activity index declined 4.3% yoy in January, an improvement over the 4.5% yoy contraction in December and ahead of survey expectations. The index was boosted by the agricultural sector but saw a decline in manufacturing."

Slowly, slowly...

GLA

Apart from AD Ports, Jindal and Ausenco, has Marty checked anyone else of interest ?

TIA

.." a group of Congolese athletes being stuck in a transient hotel in Africa and the local football team having to bail them out.."

You've clearly no awareness of the importance of the 'diables rouges' ...and the passionate following they have in local media.

The Romans understood the importance of 'bread and circuses' even if you don't.

Have a nice day.

PS Depeches front page headline today :

.."WATER AND ELECTRICITY

The government is concerned

Faced with recurrent complaints from the population about the disruption in the supply of drinking water and electricity in Brazzaville, Prime Minister, Anatole Collinet Makosso, on 29 March visit to the facilities of companies La Congolaise des eaux (LCDE) and Energie électrique du Congo (E²C) to find out more about the real causes of this situation..."

More details on page 3

Page 2 leads with the National Assembly being tasked with waiving parliamentary immunity for an MP who's complained about a breakdown in law and order and manifest public corruption :

.." the MP for Moungali I sits on the Defence and Security Committee of the National Assembly. He was detained by the security services for having openly denounced the growing insecurity observed in recent years in the country's major cities, and the Minister of the Interior and the law enforcement agencies, whom he feels are not up to the task

the task assigned to them.

In a telephone exchange, he also criticised the mismanagement of public affairs, in particular financial mismanagement of the country, marked, he said, by "the massive misappropriation of public funds by the elite and administrative officials, and the non-payment of parliamentary emoluments of members of parliament in recent months".

These audios caused a buzz on social networks..."

It's interesting because Depeches is owned by Jean-Paul Pigasse .."A friend of Denis Sassou N'guesso, the President of Congo-Brazzaville, Jean-Paul Pigasse runs a press agency specialising in Central Africa and publishes "Les Dépêches de Brazzaville". "We are one of the only press agencies active in the entire region", he explains. Opponents prefer to refer to him as the "spokesman" for the Congolese government..."

https://www.leparisien.fr/faits-divers/la-justice-enquete-sur-l-ami-du-president-congolais-

"It's complicated"

GLA

Eddsy from 27 March : .."I suggest you go back to the drawing board, if you think posting spurious in country news is productive and worthy of your time!.."

Eddsy today : .." Great post MM, I too follow the in country politics, especially the Chinese. .."

Well, it IS April 1st...and a classic example of 'confirmation bias' in action....

;->

GLA (including you, Eddsy)

They paid back because the investor saw how things were going , saw that taking shares wasn't likely to work out, took fright and asked/insisted on getting his cash back (read the RNS closely).

HELD 'obliged' ...and dressed it up as something it was happy to do because of the cost savings it had made.

Then promptly had to borrow afresh, because err...cash was tight.

.."I thought that the principal loan (450k) and the interest on the loan could be repaid in cash or converted at 9.884p per share, so why has 90k loan and interest been converted at 2.34p..."

from your link, it looks as though the ref to 9.884p in loan repayment terms is a mistake and should have referred to the 40% premium over 5-day VWAP for the Warrant pricing, in the line item below.